JPM | APAC Technology - TSMC / SEC / Bizlink: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - TSMC / SEC / Bizlink: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

our FY27 EPS -> NT$60, PT -> NT$260. We believe the Street underestimates a structural demand driver – eSSD DRAM

cache requirements for DDR4, which could sustain DDR4 tightness and support pricing over the next 2 years. AI servers

could contribute 50% of Winbond NOR flash shipments in FY27. We estimate AI-related (eSSD DRAM and NOR) could

make up one-third of Winbond memory rev in FY27. We also expect Winbond upcoming 2Q26 earnings meeting to be a

positive event, as the mgmt. could provide a constructive tone on growth. We now project Winbond 3Q DDR3 and DDR4

contract prices to rise ~50% QoQ vs our prior assumption +20-30% QoQ. Winbond supplies DDR4 to Kioxia, MU for eSSD

and contracts on a quarterly basis. We project Winbond to double NOR Flash unit demand to NVDA Rubin into 2H. We also

expect 3Q consumer NOR flash contract pricing +20% QoQ. We estimate Winbond AI-related revs will ramp from current

mid-single digit to 30% into FY27

Powerchip (OW PT NT$100): Stronger than expected GM on near-term price hikes; rising AI contribution – Gokul

Hariharan link

• We now believe PSMC GM ramp could be faster than expected, given stronger price hikes in its memory foundry biz.

Logic foundry is tracking well, w/ 10-15% price increases across both 8” and 12” in 1H26. Beyond pricing, we expect

continued mix improvement (higher memory contribution, rising PMIC share in logic while reducing DDIC and sensor

exposure) to support FY26/27 overall ASP growth 50%+/25%+. Longer term, we see several new growth drivers 1) DRAM

process migration to 1x (self-developed) and 1P (tech transfer from MU) 2) HBM post-wafer fabrication (PWF) outsourced